在风格配置方面，预计"成长"可能跑赢"价值"，"周期"有望跑赢"防御"，大小盘会在明年维持一个相对 均衡的态势。战术上看好受益于中国创新火花、充足的市场流动性以及PPI跌幅收窄的行业。具体到投 资主题上，2026年建议关注科技自立自强；在"反内卷"的持续推进下优选板块；中国企业出海与全球竞 争力，以及企业盈利提速将逐步带动居民收入和销售费用提升，下半年可择时布局消费。 人民财讯12月4日电，瑞银证券中国股票策略分析师孟磊表示，日前A股市场因一些短期因素而有所回 调，但预计短线顾虑并不改变中期估值提升的趋势，明年全球科技股有望进一步上行。近期大科技的交 易占比已回落至今年均值水平以下，且融资规模有所下滑，显示科技板块交易拥挤的担忧已得到缓解。 ...

Core Viewpoint - FTSE Russell announced changes to the FTSE China 50 Index and related indices, effective after market close on December 19, 2025, which will impact the inclusion and exclusion of certain stocks [1][4]. Group 1: Index Changes - The FTSE China A50 Index will include Luoyang Molybdenum (603993) and Sungrow Power Supply (300274), while excluding Jiangsu Bank (600919) and SF Holding (002352) [1]. - The list of potential candidates for inclusion includes Jiangsu Bank, SF Holding, Siasun Robot & Automation (601127), Shenghong Technology (300476), and Wanhua Chemical (600309) [1]. Group 2: Company Performance - Luoyang Molybdenum reported a net profit of 5.608 billion yuan for Q3, a 96.4% year-on-year increase, attributed to strong copper production and sales, along with rising copper prices [1]. - Sungrow Power Supply has seen its stock price increase by over 140% this year, while Luoyang Molybdenum's stock has risen nearly 165%, with Luoyang Molybdenum reaching a historical high recently [1]. Group 3: Market Outlook - Foreign institutions are optimistic about the A-share market in 2024, with UBS forecasting an increase in overall A-share earnings growth from 6% this year to 8% in 2026 [5]. - Investment themes for 2026 include technological self-reliance and consumer spending, with a focus on high-potential sectors amid ongoing "anti-involution" trends [6]. - Significant foreign capital inflow into the Chinese stock market has been observed, with $50.6 billion flowing in during the first ten months of 2025, surpassing the total for 2024 [6].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 外资持续"做多"中国资产。 站在当前时点，多家外资机构对中国股票2026年的展望愈发乐观。12月1日，瑞银证券中国股票策略分 析师孟磊表示，2026年A股市场料更上一层楼，全部A股盈利增速有望从今年的6%进一步升至8%。 在此之前，摩根士丹利也指出，在盈利温和增长、估值在更高水平上企稳的背景下，中国在全球科技竞赛 中站稳脚跟，相关指数整体仍具备相对温和的上行空间。摩根大通则将中国股票评级上调为"超配"。 从资金流向来看，国际金融协会数据显示，2025年前10个月，境外资金流入中国股市规模达506亿美 元，这一数字已远超2024年全年的114亿美元。另据申万宏源策略的最新数据，截止到2025年11月26 日，过去一周来看，内资和外资均大幅流入中国股市。 外资巨头最新发声 12月1日，瑞银证券中国股票策略分析师孟磊发表中国股票策略观点，认为2026年全部A股盈利增速有望 从今年的6%进一步升至8%。 他指出，由于全球科技板块自高点有所回落、A股投资者在科创相关主题的投资拥挤度在三季度末达到高 位、接近年底部分投资者有获利了 ...

Group 1 - UBS Securities analyst Meng Lei predicts that the overall A-share profit growth rate will increase from 6% this year to 8% by 2026 [1] - The current equity risk premium in the A-share market is still higher than the historical average, while other emerging markets are significantly below their long-term averages [1] - Factors such as macro policy support, accelerated A-share profit growth, declining risk-free interest rates, and continuous inflow of long-term capital will contribute to further valuation increases in the A-share market [1] Group 2 - Recent short-term factors have caused a pullback in the A-share market, but these concerns do not alter the medium-term trend of valuation improvement [1] - The global strategy team at UBS believes that global tech stocks are likely to rise further next year, with recent trading proportions of large tech stocks returning to below this year's average levels [1] - Investment themes to watch in 2026 include technological self-reliance, consumer spending driven by corporate profit acceleration, and the ongoing "anti-involution" trend [1] Group 3 - In terms of style allocation, the "growth" style is expected to outperform the "value" style due to positive mid-term market outlook [2] - The "cyclical" style is anticipated to outperform the "defensive" style as the ongoing "anti-involution" trend narrows PPI declines and accelerates industrial profits [2] - Tactical preferences favor industries benefiting from China's innovation, ample market liquidity, and narrowing PPI declines [2]